Danish Taxpayers to Receive Billion-Kroner Refunds in 2024 🇩🇰✍️
Majority of Danish Tax Payers Anticipate Tax Refunds This Weekend
Get ready to see a boost in your wallet, Danish taxpayers! The Danish Tax Agency is set to return an eye-popping 25.4 billion kroner to taxpayers who've overpaid their taxes in 2024. That's right – more than 82% of Danish taxpayers are owed a refund, with an average refund of 6,621 kroner per person, although the total will vary due to individual circumstances.
The annual tax statement (årsopgørelser) in Denmark covers a calendar year and is released in March, with finalization in late spring. These statements calculate your tax based on income from the preceding tax year, as well as the deductions you qualify for.
If you've paid too much tax during the preceding year, you can expect a tax refund – usually paid by the end of April. Sadly, if you've underpaid, you'll need to settle the balance by July 1st. But don't worry, the Danish tax system has a handy feature called the forskudsopgørelse system. This allows for ongoing adjustment of tax payments to reflect your current income and deduction circumstances, helping you avoid paying too much or too little over the course of the year.
While many taxpayers prefer to err on the side of caution and pay slightly more than necessary, Tax Minister Rasmus Stoklund advises aiming for a fairly accurate preliminary tax statement and paying neither too much nor too little during the year, thereby maintaining a balanced refund flow.
Nevertheless, nearly 800,000 people underpaid their taxes last year, totaling over 7.8 billion kroner owed to the state. While the vast majority of those owed a refund will receive the money on Friday, it's important to note that this does not apply to those with outstanding debt to the public sector.
A 2019 rule change allows the Danish Debt Collection Agency (Gældsstyrelsen) to recover public debt by withholding tax refunds. In fact, the agency has recovered around 20 billion kroner over the past five years through this method.
You might be wondering how much you can expect to receive in your tax refund. Unfortunately, there's no specific average refund amount provided for 2024. The final figure depends on your individual circumstances, such as income, deductions, marital status, and dependents. Keep in mind that broader factors, such as tax treaties and international income, can also impact the refund amount.
Regional variations in Denmark do exist, with Southern Denmark experiencing the lowest average refund of 6,315 kroner. However, this information might not be directly applicable to all Danish taxpayers or representative of the national average. To find out your personal tax refund amount, be sure to check the Danish Tax Agency or consult a financial expert.
So, what are you waiting for? Start organizing your tax documents and preparing for your expected refund! Keep an eye on your mailbox in April – you might just find a pleasant surprise waiting for you!
- The upcoming news in the world of finance and personal-finance for Danish taxpayers is an anticipated boost in their wallets, with a projected 25.4 billion kroner in tax refunds in 2024.
- If you've paid too much in taxes in the preceding year, you can expect a tax refund, usually paid by the end of April, as part of the Danish tax system called the 'årsopgørelser' which follows a calendar year.
- Remember, if you have outstanding debt to the public sector, the 2019 rule change allows the Danish Debt Collection Agency (Gældsstyrelsen) to recover public debt by withholding tax refunds, recovering around 20 billion kroner over the past five years.
- To find out your personal tax refund amount, it is essential to consult the Danish Tax Agency or a financial expert, as regional variations exist, such as Southern Denmark, on average, receiving 6,315 kroner less than the national average.
- Keeping your personal-finance and business affairs in order, prepare for the tax refunds by organizing your tax documents and checking the Danish Tax Agency or consult a financial expert – a pleasant surprise might be waiting for you in your mailbox by April.
